FKLI will likely open a few points lower, for the first trade today, one can attempt to Short 1-3 points above the opening price, try get 5-7 points profit and put a stop 5 points away from your entry point. Close your position by the end of the day.
As for FCPO, market failed to hold early gains and closed lower for the fourth consecutive week. Better sellers surfaced late in the session following lower exports for 1-25 July reported by SGS after high numbers from ITS in the morning. Lack of short covering for the 4-day weekend also undermined support. Steady CBT soyoil and China Dalian olein futures encouraged buying in the morning with the ITS numbers supporting. Prices were 1 to 13 higher in the morning and 8 higher to 19 lower in the afternoon.
The weak close pointed to bearish sentiment continuing. The export numbers are supportive but seemed discounted. Lack of bullish factors are encouraging selling especially with seasonal high production coming up in August - October. The near ideal weather for the US soyabean crop is also
expected to keep CBT soyoil weak. Technical view - weak close points to the down trend continuing towards 2200. Indicators remain negative.
Technicals - trend down ; RSI 30.50 ; parabolic SAR at 2294 ; support 2220 / 2200 / 2135 ; resistance 2300 / 2345 / 2400.
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